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Animoca Brands secures investment from renowned Asian financial powerhouse

$1 million investment by Sun Hung Kai and $0.5 million by strategic partner Lympo.
dollars
Share placement at a 10% premium

Animoca Brands Corporation Ltd (ASX:AB1) has secured $1.5 million in investments from Sun Hung Kai & Co. Limited and blockchain fitness company Lympo, which is a current strategic partner.

The placement was conducted at 7 cents per share, which represents a 10% premium on the 30-day volume-weighted average share price.

Animoca will utilise the capital raised to research and develop novel products based on blockchain and artificial intelligence.

 

Animoca co-founder and director Yat Siu said: “It is a singular honour that Sun Hung Kai, one of Asia’s most renowned financial powerhouses, chose Animoca Brands as its partner and strategic investee.

“Sun Hung Kai’s know-how and established network have the potential to significantly accelerate business opportunities for Animoca Brands.”

READ: Animoca Brands signs licensing deal to distribute Crazy Kings game in China

Siu added: “The existing collaboration between Lympo and our health and fitness subsidiary OliveX is progressing well.

“Today we are extremely pleased to see this relationship further solidified by Lympo’s strategic investment in Animoca Brands.

“As a leader in blockchain for sports and health, Lympo provides us with highly focused growth opportunities.”

READ: Animoca Brands appoints Kabam co-founder to board

Blockchain is a technology for open and distributed ledgers that record transactions safely and permanently, and which is undergoing significant development and adoption.

The global blockchain technology market totalled $0.9 billion in 2017 and is estimated to reach $14.6 billion by 2023.

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